Bahrain sees stronger trade ties with Japan and South Korea
A high-level delegation from Bahrain, led by Industry and Commerce Minister Abdulla bin Adel Fakhro and supported by Sustainable Development Minister Noor Al Khulaif, has concluded its visit to Japan and South Korea.
The visit, which took place from May 5 to yesterday, was organised by the Industry and Commerce Ministry with the support of the Bahrain Economic Development Board (EDB) to strengthen trade ties between the two countries and attract investment into the kingdom.
Supported by the Bahrain Chamber of Commerce and Industry (BCCI), the delegation comprised EDB chief executive Khaled Humaidan, BCCI second vice chairman Mohamed Abduljabbar Al Kooheji and senior representatives from the Bahrain Tourism and Exhibition Authority (BTEA), Alba, Nogaholding, Export Bahrain, Gulf Petrochemical Industries Company (GPIC) and Bahrain-based Gulf Aluminium Rolling Mill (Garmco).
In both Tokyo and Seoul, a lineup of government-to-government meetings, business networking events, which featured the Sustainable Development Minister and the Industry and Commerce Minister as panelists, outlined high value investment opportunities in Bahrain, with a focus on priority sectors, namely financial services, manufacturing, logistics, information and communication technology (ICT) and tourism, in line with the Economic Recovery Plan (ERP), launched in 2021.
Three headline events were hosted by Bahrain EDB – an exclusive roundtable co-hosted by Japan-Bahrain Economic Cooperation Association, a business forum co-hosted by Japan External Trade Organisation, and an investment forum co-hosted by the Korean Chamber of Commerce and Industry.
Ms Al Khulaif said: “Bahrain has cemented itself a trusted hub for global businesses looking to invest in sustainable projects. This visit was vital in highlighting the kingdom’s competitive edge. I look forward to the mutually beneficial opportunities that will contribute to even stronger relations between Bahrain and the two nations.”
Mr Fakhro added: “These visits were paramount in solidifying Bahrain’s relationships with Japan and South Korea. With long-standing trade relations between Bahrain and the two countries, there is ample opportunity for an even brighter future with Bahrain serving as a gateway for wider regional markets.”
Bahrain has cultivated strong bilateral relationships with both Japan and South Korea, which has been growing steadily over the past few years, where non-oil bilateral trade exceeded $660 million with Japan and $550m with South Korea last year. With complementary export and import transactions strengthened by commercial and cultural alliances between the two nations, Bahrain has undertaken strategic measures to further cement itself as pioneer in impactful global trends in key sectors to enhance its investment climate and further diversify the economy, backed by a business-friendly environment.
While Bahrain is home to over 20 leading Japanese firms operating in Bahrain, namely in the manufacturing sector, and remains a strong trading partner to South Korea with goods traded in the likes of machinery, vehicles, and aluminium; these high-level visits and official meetings seek to further enhance trade ties and boost investment opportunities between the two countries.
